Moody's reviews STATS ChipPAC debt securities ratings for possible upgrade |
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Published
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Thu, 01 Mar 2007 14:42
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LONDON (AFX) - Moody's Investors Service said it has placed its 'Ba2' corporate family and foreign currency debt ratings for STATS ChipPAC Ltd on review for possible upgrade.This follows Singapore Technologies Semiconductors' conditional cash offer for its remaining shares in STATS ChipPAC. Singapore Technologies is a major shareholder in the company and a subsidiary of Temasek.Moody's said that it this materializes, Temasek could own a significant majority in STATS ChipPAC and the convertible notes in the offer would be redeemed through equity injections, which would improve the overall financial leverage of the company.There could then be potential for an upgrade of more than one notch, the ratings agency said.newsdesk@afxnews.comsmi/fajCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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